Thursday, April 26, 2012

Gold Report Today- Commodity Bullion alerts

Spot gold almost paused near 1645 after yesterday’s volatile session following the US Fed chairman’s Bernanke’s comments over US economy. US Fed’s two-day meeting ended yesterday without providing solid cues for another round of monetary easing. US dollar edged down to a three week lows against a basket of currencies after the Fed announcement. At the same time FOMC kept the interest rates unchanged at 0.25 percent and gave indications to maintain the rates at least till the end of 2014.  Prices have been congested in a narrow range of 1648-1620 levels for the last couple of days. The lower end of Bollinger Band  and falling trend channel resistances has locked fresh directional moves. However, even as the broad consolidation phase is in  progress, the current technical set up looks like the moves are exhausted and require breaking any of the side of the region. A  breach above 1652 could see an upside of 1662/1678, but requires to trade consistently above 1683 to resume fresh short  covering.  On the other hand, a fall below 1620 would give signals of renewed selling pressure towards 1610/1580 or more, which is least expected for the day.


Geet Khare said...

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Posted By Commodity MCX Tips